Financing in 94720>Question Details

garob21, Home Buyer in 94720

Jumbo Loan - three tradeline rule?

Asked by garob21, 94720 Sat Aug 25, 2012

I'm a first time buyer shopping in an expensive area. We are shopping for a jumbo loan. We have great credit scores (both have middle scores 790 ), 20-25% down payment, and sufficient income (the max house price we're considering would be <20% of gross monthly income).

I'm concerned about being caught up in the jumbo rules for number of tradelines that have been described to me. We haven't needed much credit. I only have one (a credit card for many years), and my wife only has two (a main credit card and one that is never used). Is three tradelines enough for a couple, or is the rule three each? Are these hard and fast rules? Will this make finding a jumbo difficult?

Any advice is welcome. This will be frustrating if we meet all of the income rules but run into trouble because we don't have many loans or credit lines.

Many thanks.

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It only takes a few dozen questions to qualify you in minutes. Here are some links to study and consider.

http://www.under640ficoscoreloans.com/Pages/JumboLoan.aspx

http://www.under640ficoscoreloans.com/Pages/StatedIncome.aspx

http://www.under640ficoscoreloans.com/Pages/Conventional.aspx

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
9am till 9pm 7 days
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0 votes Thank Flag Link Sat Jan 19, 2013
It's true that ther may be some variability between lenders, but you will want to discuss this with a lender who handles a wide range of loan products. I would recommend you talk to a senior representative with a reputable mortgage banking company (different from a mortgage broker), in that they represent many of the major companies and can also make loans from their own funds.

I'm a realtor, not a lender, so I don't do loans, but if you would like a reference to a couple of great lenders that work in your specific area, you are welcome to email me or call. Just FYI, I don't receive referrral fees from lenders, so I only refer to lenders that have demonstrated superior customer service skills and programs.
Web Reference: http://www.tomithomas.com
0 votes Thank Flag Link Mon Aug 27, 2012
Hello,

I can help you. Jumbo financing niche type of lending...Not all lenders have the same guidelines or competitive pricing. It sounds like you understand some of the guidelines...however, to properly advice you, a full application is necessary.

My contact info is below.

Best,

Ivan Diaz
Home Mortgage Consultant
idiaz@lhfinancial.com
(415) 271-7740 direct/cell
0 votes Thank Flag Link Mon Aug 27, 2012
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